Deepening CUA's commitment to financial wellbeing

Today is most certainly an exciting one for CUA as our business proudly commits to participate in the Financial Inclusion Action Plan (FIAP) program, in collaboration with Good Shepherd Microfinance, the Centre for Social Impact, EY and the Australian Government.

Drawing on our rich heritage as a member owned organisation we see this as a natural step in our story, guided by our Purpose of ‘Members working together through life’s changes.’

As a member-owned organisation, members are our sole focus and we put the financial health of our members at the heart of our decision-making. For CUA, generating a profit means we can deliver on our Purpose.

The FIAP introduces CUA into a community of organisations committed to the same goal of supporting the financial wellbeing of our members and our communities. Collaborating with others will help us deliver better outcomes for our members, which is why we are proud to work alongside the Financial Inclusion Action Plan group to share our knowledge, learn from others and be held accountable in our progress towards the financial wellbeing of members and our broader communities.

As part of joining the FIAP program, we have made a series of commitments to our members, including:

-         Continue to look for opportunities to fine-tune our products and processes with a member-centric, financial inclusion lens.

-         Supporting our team members to build good relationships with each other and our members so we can understand and meet the needs of those members experiencing vulnerability.

-         Continue to foster a culture which puts the needs of members at the heart of our decision-making.

-         Collaborate with other organisations through the Financial Inclusion Action Plan Community of Practice to understand the drivers of financial vulnerability for our members and the broader community.

-         Continue to support the economic participation of our members and our community and develop products which build their capability to manage unchosen changes in their circumstances.

Why is financial inclusion and resilience important to CUA?

Credit Unions began to thrive in Australia after the Second World War and quickly proved that they could meet a demand for financial services that banks could not. CUA can trace our roots back to Australia’s first credit union and we are proud to have a rich heritage of supporting members and communities for 73 years. Our commitment to ‘giving back’ to improve the financial wellbeing of our members and local communities is core to our business. If our members are resilient and financially healthy, our business is also resilient and sustainable, meaning we can continue to support our members and communities for generations to come.

Why a FIAP will support what we do and enable a greater impact

We have a focus on ensuring that our products, processes and services support our goal to grow the financial wellbeing of our members. This may range from sharing budgeting tips through our member newsletters, supporting members with specialised products like our shared equity scheme to help them on the journey to home ownership or providing support to our Not-For-Profit partners to help members get their lives back on track.

While we’ve built a good foundation, there is always more we can do. As the old Chinese proverb suggests the journey of a thousand miles begins with a single step, and while today’s commitment is a critical first step it must, and it will, be followed by equally critical action. I look forward to updating you all with our progress.

Brigid is the Chief Operating Officer and FIAP Sponsor for Australia’s largest credit union, CUA, which is helping to improve the financial wellbeing of around 530,000 with its banking and insurance products. For more information about CUA’s financial products and services, including how to chat to a personal banker via the iM CUA smartphone app, visit www.cua.com.au  

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